How do I track the ROI of my marketing? 3 things you need to start doing

How do I track the ROI of my marketing? 3 things you need to start doing

There’s a lot of pressure on marketing to deliver ROI (return on investment). In other words, if you spend time marketing your business, you expect something in return. Whether it’s enquiries, leads, or sales, most business owners and marketing managers want to demonstrate that what they did worked. And by worked, we mean it grew the business. Because if something doesn’t have ROI, then there’s no point in doing it.

ROI can be measured in:

Website traffic
Leads generated
Conversion rate
Direct sales

If you’re just getting started marketing your business, this blog is for you. If you’re already doing a bit of content and social media marketing, this blog is for you. If you’re a marketing director at a global business, then jog on. You’re not going to learn anything you don’t already know 😉

So, you’re a small business owner, or the marketing manager at an SME, and you need to prove to yourself, or your boss, that what you’re doing works. So, here’s three things you could, and should be doing.

 

1. Google Analytics for website traffic

Whatever your campaign, platform or channel for marketing, an easy and free way to track ROI is through Google Analytics. Make sure it’s set up on your website, and if it isn’t, go do it now. Here’s a step by step guide to get you going.

Once you’re live, use the ‘Acquisitions’ tab to uncover the different platforms that are driving your behaviour. You can also look at ‘Behaviour’ to see what content is performing the best on your website. Track the traffic before, during and after a campaign. If your marketing has worked, then Google Analytics will be able to tell you.

Content marketing certainly works, but if you’re looking to track whether a single article or post was successful, Google Analytics can drill down into the individual post and tell you precisely how many visitors you’ve had in a single day.

 

2. CRM for leads and conversion

If you don’t have a CRM for tracking your marketing leads, then now’s the time to get started. I use Insightly, because it’s integrated with Gmail and my website, but there’s lots on the market. Hubspot is great, because it’s also a marketing tool, like Mailchimp, that enables you to track and send campaigns under one roof. My good pal Kat swears by Dubsado, and I’ve used Salesforce previously when I worked in agencies. It’s up to you.

One of my clients uses Trello, and I’ve started using it to track individual campaigns. Trello is quick and easy if you’re just getting started, so have a look.

Once your CRM is in place, you can start seeing the quality of the leads your campaign is bringing in. Let’s say you’ve started posting to social media, and you’ve invested in some paid advertising. Google Analytics will be able to tell you how many views or ‘hits’ you’ve had, but it’s not until you start selling to your prospects that you can see the quality of the lead. If you’ve had thousands of hits, but no sales, then the ROI of the campaign will be low, regardless of how many people saw what you did.

ROI, is, after all, much more than just views. Many of today’s social media channels are set up to give warped view figures – video views on Facebook constitute 2 seconds or more. This doesn’t mean someone has absorbed your information or wants to work with you. A far better indicator will be how many of your prospects converted into business, which will be a much, much smaller number.

 

3. Website forms for direct sales

Finally, this is one of my favourites. To track any campaign, post or advert, it’s all about forms. Yes, I realise this isn’t as sexy as it sounds. But guys, I’m a bit obsessed with forms. I use an app called Typeform to integrate forms into my website. I’ve created a few different ones, which range from single form entry to a complex, detailed questionnaire.

As your marketing progresses, you’ll want to use every opportunity to capture data. Now, be weary of GDPR here, and make sure that your forms are compliant. I went across my website and added short statements at the top of each form, so that consent isn’t given without understanding of how the data will be used.

Form fills are the quickest, easiest way of tracking the ROI of your marketing. You can then see how many website visitors it takes to get X number of form fills, and once this is integrated with your CRM, you’ll be able to tell how many form fills it takes to get a sale. Once you’ve understood this key metric, you’ll understand what you need to do to achieve consistent business growth!

Hooray for forms, CRM and data! If you’re looking for a bit more help getting your marketing stack talking to each other, give me a shout. Our range of packages is tailored to suit businesses of all sizes.